EU under intense pressure to save eurozone

BRUSSELS, Nov 29 (AFP): Eurozone finance ministers meet Tuesday under intense pressure to stop the debt crisis from shattering the monetary union. The United States, IMF and Organisation for Economic Cooperation and Development each issued urgent warnings in the hours leading up to the meeting that decisive action is essential to prevent global economic meltdown. The possible fragmentation of the eurozone is now an explicit concern at the highest levels, and there are signs that the consequent lack of confidence is crimping lending by banks with balance sheets burdened by sovereign debt. The ministers must show that they can turbo-charge a 440-billion-euro ($586 billion) rescue fund that has helped Ireland and Portugal but is deemed too small to save Italy and Spain if the crisis brings these countries, with the third and fourth eurozone economies, to their knees. New Italian Prime Minister Mario Monti, who holds the finance portfolio, will join the talks to outline radical cuts, tax rises and reforms aimed at keeping his highly-indebted nation at bay from the wrath of markets. The eurozone partners are also expected to release billions of euros in long-blocked loans for Greece after politicians in Athens belatedly sent written pledges vowing to implement harsh austerity measures demanded by foreign lenders.